Financial Daily from THE HINDU group of publications
Tuesday, Apr 11, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 11, 2006 |
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Money & Banking
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Life Insurance Bajaj Allianz to modify 12 ULIPs to meet norms Our Bureau
TEAMING UP: Mr Neeraj Swaroop (left), CEO, Standard Chartered Bank (India), with Mr Sam Gosh, CEO, Bajaj Allianz Life Insurance, at the launch of life insurance co-branded credit card in Mumbai on Monday. — Paul Noronha
Mumbai , April 10 Bajaj Allianz Life said it would modify 12 of its existing unit-linked insurance plans (ULIP) to conform to the guidelines that will come into effect on July 1. IRDA had introduced the ULIP guidelines to give the product a long-term character as well increase transparency for customers Mr Sam Ghosh, CEO, Bajaj Allianz Life, said that as per the guidelines, the company would have to increase the sum assured offered on these policies as well as introduce a compulsory lock in period of five years. According to IRDA's guidelines, the death benefit payable or sum assured under the single-premium product has to be at least 125 per cent of the single premium paid. Mr Ghosh said that the company hoped to have a more balanced portfolio in this fiscal by reducing the share of single premium policies to 30 per cent from 57 per cent in the last financial year. In terms of new products, the company will launch a unit-linked pension product and a capital guarantee product, he said. "Our current pension product has not been selling well. We will be introducing a new product in this segment especially since the tax benefit for pension policies has been extended to Rs 1 lakh," he said. Around 30 per cent of Bajaj Allianz Life's premium is contributed by bancassurance, of which a substantial portion is contributed by Standard Chartered Bank. Bajaj Allianz Life had entered into a bancassurance partnership with Standard Chartered in 2002. The company launched a co-branded credit card with Standard Chartered. The card will help policyholders pay their premium and avail themselves of discounts at 140 medical and diagnostic centres in the country. The card offers zero per cent interest for three-month EMI (equated monthly instalments) payments of insurance premium to Bajaj Allianz Life and for medical and hospital expenses above Rs 10,000. In the case of EMI payments of 12 months for premium and medical expenses above Rs 10,000, the interest rate would be 0.99 per cent. The card will be available on the VISA platform and can be used for retail purchases.
More Stories on : Life Insurance | Credit Cards & Debit Cards | Foreign Banks
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